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Course ID:

ECON 7910. 1-3 hours.

Course Title:

Business Microeconomics

CourseDescription:

Development of the fundamental concepts of scarcity, opportunity
cost, and marginal analysis, with an emphasis on problems faced
by managers. These concepts are used to explain the structure
and performance of firms and industries.

Oasis Title:

BUSINESS MICRO

Prerequisite:

Permission of department

Semester CourseOffered:

Offered every year.

Grading System:

A-F (Traditional)

Course Objectives:

The purpose of this course is to teach the basic concepts of microeconomics, and to
apply these concepts to an understanding of managing business firms. The course
begins with a consideration of the implications of scarcity (including opportunity
cost), the pervasiveness of competition, and the desirability of cooperation; a
discussion of the importance of marginal evaluation; and the standard microeconomic
models of firm behavior. The students will develop an understanding of the relevance
of this course to real problems they will face (and have faced) as managers of real
firms.

Topical Outline:

The Problems and Implications of Scarcity
The Economics of Markets and Cooperation
The Parallels Between the General Economy and the Firm
The Standard Theory of the Firm
The Prisoners' Dilemma and the Firm
Improving Efficiency and Profits by Mistreating Workers and Customers
Why CEOs Are Worth As Much As They Are Paid
Does Business Have a Social Responsibility?
Why Capitalism Is Cool and Socialism Sucks